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2012 (11) TMI 101 - AT - Income TaxAddition on account of undervaluation of closing stock – Held that:- Bonafide change in the method of valuation of closing stock, as suggested by AS-2, has not been denied anywhere - detailed finding recorded by Commissioner of Income Tax (Appeals) to the effect that the assessee’s explanation of the difference in valuation of closing stock is quite clear, convincing and comfortable to the accounting standard AS-2 and there is no reason not to accept the same, has not been controverted by department bringing any positive material on record - appeal of the revenue stands dismissed
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